As of May 20, 2025, the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) remains under active consideration in the U.S. Senate. The bill aims to establish a federal regulatory framework for payment stablecoins, addressing consumer protection, anti-money laundering, and oversight of issuers.
Key Developments
Senate Vote Scheduled: The Senate is expected to vote on the GENIUS Act today at approximately 8 P.M. EDT. This follows a previous failed procedural vote where the bill did not secure the necessary 60 votes to advance. The revised version includes updates on anti-money laundering, consumer protection, and custodial provisions.
Bipartisan Support and Opposition: While the bill has garnered bipartisan support, some lawmakers have expressed concerns. Notably, nine Democrats who previously supported the GENIUS Act have withdrawn their support, citing unresolved issues. However, Senators Kirsten Gillibrand (D-NY) and Angela Alsobrooks (D-MD) continue to back the bill.
Big Tech Restrictions: The updated bill includes provisions that would ban non-financial public companies, such as Meta, Amazon, and Google, from issuing stablecoins. This move aims to curb the influence of Big Tech in the digital currency space.
Visual Overview
For a visual summary of the GENIUS Act and its implications, you can refer to the following video: